NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a groundbreaking partnership to introduce a UPI-like real-time payments system in Peru. This marks a significant milestone as Peru becomes the first South American nation to adopt the globally acclaimed Unified Payment Interface (UPI) technology, underscoring India’s leadership in digital payments.
This strategic collaboration empowers BCRP to implement a robust and efficient real-time payments platform. The innovative system will enable instant payments between individuals and businesses, reduce reliance on cash transactions, and enhance digital payment adoption among Peru’s large unbanked population. UPI‘s open banking ethos promotes greater connectivity and interoperability with both domestic and international payment networks, fostering innovation and resilience in the Peruvian payment ecosystem.
Also Read | NIPL partners with Bank of Namibia to Develop UPI-like Payment System
Ritesh Shukla, CEO of NPCI International, commented, “Our partnership with BCRP aims to fortify Peru’s financial infrastructure and stimulate economic growth. Together, we will promote digital payments, financial inclusion, cost optimization, and transparency in the payment landscape. This collaboration also reflects our commitment to advancing digital public goods globally. Once operational, Peruvian citizens will enjoy unparalleled convenience, security, and efficiency in financial transactions.”
